NEW CASTLE, Del. (AP) - Delaware's revenue forecast for the current fiscal year is down by about $38 million, but the decline is mostly offset by a corresponding increase for the new fiscal year starting in July.
Higher refund estimates that more than offset a projected increase in corporate income tax revenue, coupled with a decrease in projected abandoned property collections, prompted a state panel on Monday to lower its revenue forecast for this year.
But abandoned property projections for next year were boosted by $40 million, equal to the projected decline for this year, based on the postponement of a scheduled audit.
This mean that lawmakers will have around $4 million less to work with as they consider Governor Jack Markell's proposed $4.1 billion budget for 2017.
